Entraction Ends IPN Association with Cardroom2 Closure29th September 2009 7:43 am GMT
Sweden's Entraction Holding AB said Monday that it has terminated its contract with Boss Media and will be closing down its Cardroom2 poker room by the end of this year. The company first introduced the dual network concept in March 2007, when the company was known as 24hPoker.
The Cardroom2 concept enabled customers of 24hPoker to choose between playing on the 24hPoker network or Boss Media's IPN through a singe wallet, at a time when the 24hPoker network suffered from relatively low liquidity. However, traffic between the networks has fallen as a result of the success of the new Entraction poker network and today represents just 5% of the company's poker revenues.
"Cardroom2 has been a good possibility for players to play in two different networks using one account," said Peter Åström, CEO of Entraction. "But because of the strong growth in the Entraction poker network, there is no longer a need for Cardroom2."
Shares in Entraction Holding AB (Co. Profile) (STO:ENT-B) climbed to SEK55.00 on the announcement Monday before falling back to close at SEK53.50 in Stockholm, slightly below their 52-week high of SEK55.50.